Saudi Arabia defends output cut, says OPEC+ doing right job for stable market

OPEC kingpin Saudi Arabia on Friday defended the oil cartel and its partner's decision to cut crude oil production, saying they were doing the right job to secure and stabilise the market.

OPEC+ alliance "is doing the right job", said Saudi Energy Minister Abdulaziz bin Salman here.

The minister is on a day-long visit to prepare the ground for Saudi Prime Minister and Crown Prince Mohammed bin Salman's trip to India next month.

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OPEC+ earlier this month decided to cut crude oil production quotas by 2 million barrels per day, starting in November.

The decisions of OPEC+ are aimed at securing, stabilise and sustaining the markets, he said.

Since the OPEC+ decision on October 5, Dated Brent peaked at $98.775 per barrel on October 7 and was down to $91.35 on Friday.

The visiting minister held discussions with top Indian ministers including Commerce and Industry Minister Piyush Goyal, Oil Minister Hardeep Singh Puri and Power Minister RK Singh.

The Saudi Minister said bilateral issues were discussed at the meeting. He however did not elaborate.